The marijuana stocks are shooting today as the Democratic Candidates near a dramatic win in U.S. elections.
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The Canadian cannabis stocks are on a roll as the U.S. elections sum up to a dramatic end. The potential Biden win have sent the cannabis stocks on the moon. On Monday, nearly the entire cannabis sector was on a flight with high gains.
Once again, all the major stocks are rising quite significantly today as the reports from U.S. show Joe Biden has almost crossed the line to be the 46th President of the United States of America.
The political circumstances shaping up in favor of the marijuana industry will help the cannabis stocks see a drastic growth in the near future.
Cannabis stocks have been through a roller-coaster ride since 2015. The growth of the cannabis industry across the globe has pushed the stocks. For instance, Aurora Cannabis (ACB) has gained a whopping 3,300%from the 2015 Canadian Federal Election to its highest in 2018. Despite going downside in 2018, the stock has retained a notable growth rate and in recent days it is up among the top gainers in the market.
The marijuana stocks that are skyrocketing today include Sundial Growers Inc. (SNDL)+46% at $0.32, Aurora Cannabis Inc. (ACB)+74% at $10.92, Tilray Inc. (TLRY) +38% at $10.80, and HEXO Corp. (HEXO)+33% at $0.96, at the time of press.
All these stocks are trading with heavy volume as SNDL and ACB both fight with each other to gain the top spot.
The portfolio manager and chief investment officer of the Cannabis Growth Fund at Foothill Capital Management, Korey Bauer had an interesting say onmarijuana stocks, he said:
“I would say this was one of the best-case scenarios for cannabis investors. A pure blue wave would be the ‘best case’ scenario but I guess we will find out soon enough when looking at the Senate.”
It is expected that under Biden rule and RepublicanSenate, banking reforms will be made in early 2021 and will be added to the COVID-19 relief package.
A recent legalization poll conducted for marijuana across five states has come up with expected results, though these results are yet to be determined by their relative states.
According to CNN, Montana voted to establish 21 as the legal age to purchase, possess, and consume cannabisby constitutional amendment. While Arizona and New Jersey voted to legalize recreational marijuana.
South Dakota also approved the legalization for both medical use and recreational purposes, becoming the first state to approve both at the same time.
Now, it is upon the Senate and Federal government to make amendment in law for the legalization of cannabis use. The future seems promising with the state voting going in favor of cannabis legalization, which will instantly make the Cannabis based firms to drive potential customers.